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Mortgage Application Volumes Return to Decline

Mortgage application volume decreased slightly last week as refinance activity returned to its downward trend.


The ""Mortgage Bankers Association's"":http://mba.org/default.htm (MBA) Weekly Mortgage Applications Survey shows loan application volume fell a seasonally adjusted 0.6 percent for the week [COLUMN_BREAK]

ending October 18. The week's results do not include an adjustment for the Columbus Day holiday.

On an unadjusted basis, MBA's Market Composite Index was down 1 percent week-over-week.

After backing back up for the last few weeks, the Refinance Index stumbled, falling 1 percent from the prior week. The refinance share of total mortgage activity decreased back down to 65 percent.

The Purchase Index went in the other direction after falling in late September and early October. Purchase application volume was up 1 percent both adjusted and unadjusted; compared to last year, activity was 2 percent down, however.

Meanwhile, MBA's measure for mortgage interest rates fell to a three-month low, with the 30-year fixed rate averaged 4.39 percent. Points increased 10 basis points to 0.41 (including the origination fee) for 80 percent loan-to-value ratio loans.


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